Halozyme Therapeutics Inc (HALO)

[halofan]

Why all the negative after hours trading when the future indexes are all positive?

[biotechinvestor1]

Merck is choosing between signing a deal with Halozyme for MDASE or risking a dealy in launch of Keytruda SC (i.e. loss of market share to BMY's opdivo SC) or even worse yet a delay in launch followed by a loss in the courtroom for patent infringements.
There is a 3rd option. Merck could buy halozyme out. No risk of a launch delay or unfavorable court ruling and no need to pay MDASE royalty if Merck owns halozyme. At a 2025 PE of 13 and PEG of 0.45, halo is such a bargain https://www.nasdaq.com/market-activity/stocks/halo/price-earnings-peg-ratios
And once Merck owns halozyme, it will be BMY that would be paying Merck for Enhanze royalties (for Opdivo SC) for a longtime to come.

[maumar]

"The multiple myeloma therapy, which brought in $11.7B net sales for J&J (JNJ) in 2024 ahead of its loss of market exclusivity in two years,..." The article is from Seeking Alpha. This may not affect Halo, though.

"Genmab (GMAB) ADRs traded lower on Tuesday after Bernstein downgraded the Danish biotech to Underperform from Market Perform, arguing that its stock has yet to fully reflect the upcoming patent cliff for the company’s blood cancer therapy Darzalex, marketed with J&J (JNJ).

The multiple myeloma therapy, which brought in $11.7B net sales for J&J (JNJ) in 2024 ahead of its loss of market exclusivity in two years, can lead to a threefold drop in GMAB’s group revenue in 2030-2040 under his base case, Bernstein analyst Justin Smith wrote.

Despite disappointing news about JNJ’s decision to opt out of HexaBody-CD38, a potential successor to Darzalex, Genmab (GMAB) shares have yet to fully discount the impact from the upcoming patent cliff, Smith added, citing his base case 2025–2029 EPS estimates for GMAB."

According to AI overview:
Darzalex (daratumumab) faces a loss of market exclusivity, with its patents expiring in 2027 in the US and 2026 in the EU, potentially leading to biosimilar competition.
Here's a more detailed breakdown:
Patent Expiration:
Darzalex's key US patents are set to expire in 2027.
The drug's patents are protected until 2026 in both the US and EU.
However, several other patents extend its exclusive protection until 2035.
Orphan Drug Exclusivity:
Darzalex has regular MP and ODE for the treatment of multiple myeloma, both of which will expire in May 2026.
Potential for Biosimilars:
The expiration of Darzalex's patents could pave the way for biosimilar versions of the drug to enter the market.
Darzalex Faspro:
Darzalex Faspro, a subcutaneous formulation of Darzalex, also has patents that are set to expire in 2035.

[MysticalGladiator72]

Halozyme Therapeutics (NASDAQ: HALO) announced that Bristol Myers Squibb received a positive CHMP opinion recommending approval for a new subcutaneous formulation of Opdivo® (nivolumab) developed with ENHANZE® technology across multiple adult solid tumor indications in the EU.

The subcutaneous formulation, which utilizes Halozyme's proprietary recombinant human hyaluronidase enzyme (rHuPH20), would offer cancer patients a faster and more flexible treatment option. The European Commission's decision on marketing authorization is expected by June 2, 2025.

The recommendation is supported by positive Phase 3 CheckMate -67T trial results. The formulation was previously approved in the U.S. on December 27, 2024 under the brand name Opdivo Qvantig.
Halozyme's announcement of Bristol Myers Squibb receiving a positive CHMP opinion for subcutaneous Opdivo utilizing ENHANZE® technology represents a significant commercial advancement for Halozyme's drug delivery platform. This recommendation encompasses multiple solid tumor indications and builds upon the December 2024 FDA approval of Opdivo Qvantig in the U.S.

This development validates Halozyme's proprietary recombinant human hyaluronidase enzyme (rHuPH20) platform as a facilitator for subcutaneous administration of traditionally intravenous biologics. For Halozyme, each commercial implementation of ENHANZE typically generates tiered royalties on net sales plus potential milestone payments, though specific financial terms for this particular agreement weren't disclosed.

The subcutaneous formulation offers substantial clinical advantages including reduced administration time compared to IV infusions, potentially expanding Opdivo's competitive positioning against rival checkpoint inhibitors. With European Commission approval expected by June 2, 2025, this represents a near-term potential revenue catalyst for Halozyme.

Bristol Myers Squibb's Phase 3 CheckMate -67T trial provided the efficacy and safety data supporting this recommendation, suggesting the subcutaneous formulation maintained Opdivo's therapeutic profile while offering administration benefits. For Halozyme, this advancement bolsters its technology's commercial viability in high-value oncology applications while potentially reducing healthcare resource utilization – a key selling point for future ENHANZE partnerships.
https://www.stocktitan.net/news/HALO/halozyme-announces-bristol-myers-squibb-received-positive-chmp-57liwjmgzun2.html

[biotechinvestor1]

AI (Grock):
"Probability Assessment:- Base Case (60%): Merck opts for a licensing deal to secure the 2026 launch and avoid risk. This assumes the PGR process or litigation threat creates enough uncertainty to favor settlement, and Halozyme offers reasonable terms. The pharma industry’s tendency to settle high-stakes disputes supports this.- Alternative Case (40%): Merck fights and wins, either invalidating the patents or proving non-infringement. This hinges on strong PGR outcomes or a favorable court ruling, bolstered by Merck’s resources and Alteogen’s enzyme differentiation.
Balancing these, I’d assign a 65% probability that Merck signs a licensing agreement with Halozyme. The edge comes from Merck’s need for speed and Halozyme’s licensing track record, though Merck’s aggressive PGR strategy introduces notable uncertainty. If the PTAB denies PGR institution (mid-2025) or Halozyme pushes hard on litigation, this could shift toward a deal; if Merck gains early wins, it might drop below 50%. For now, 65% feels like a reasoned bet on pragmatism prevailing."

[MysticalGladiator72]

52 week low for the XBI.
We're(HALO longs) doing pretty good.

[biotechinvestor1]

We are almost into the second quarter of 2025 and still waiting for the HVAI that Helen had forecasted for 2023. 
Is the impressive share price action due to the anticipation of 1) HVAI deal, 2) phenomenal valuations (PE/ PEG ratios and growing earnings and profit margins) or 3) anticipation of a win against Merck?
I think the former 2 reasons are more likely.This week we had a couple of articles that made me think a halozyme win might not be such a slam dunk (I still think that halo is more likely to win) and yet stock is acting well.

[Howeeme]

Great article. Wish I could understand it.

[maumar]

BRIEF-Merck Says FDA PDUFA Date For Subcutaneous Pembrolizumab Set For Sept 23

[maumar]

"While Merck and Alteogen could face a potential patent challenge from biotech Halozyme Therapeutics (HALO.O), over the enzyme, Merck said it will not delay the launch of the drug.
"We believe we have a very strong position relative to the claims from Halozyme," Merck's Monahan said."

https://www.reuters.com/business/healthcare-pharmaceuticals/merck-plans-us-launch-subcutaneous-version-keytruda-october-1-2025-03-27/

[biotechinvestor1]

https://www.markmanadvisors.com/blog/2025/3/27/w7lv67t4yzfvbmrph1blwz17mkbee0
It's hard to say who will win the post-registration dispute but even if Merck wins that round, that will take care of only 7 of more than 100 applicable patents that Merck is infringing. 

[biotechinvestor1]

Does anyone have a copy of halozyme's 2012 priority application for patent 11,655,600?

[Fred Kadiddlehopper]

Howee, that was a little early for your April Fools joke. LOL!

[Howeeme]

Because I originally thought that Merck and halo were testing Enhanze in the past. It looks like that wasn’t the case. It was pegph20 and not Enhanze.

[MysticalGladiator72]

Why would you post a 10 year old article?
I'm totally confused??????

[maumar]

It is certainly exhibiting strength on a day where xbi, ibb and big pharma were all very weak. And
alteogen has dropped 18% in the past 5 days.

[Howeeme]

Yet another interesting close.

[Fred Kadiddlehopper]

Right, 2015. Disregard.

[MysticalGladiator72]

This is a 10 year old article ??

[Fred Kadiddlehopper]

That is weird. HALO is sponsoring it.

[Howeeme]

Looks like wasn’t Enhanze but Pegph20.

[Howeeme]

https://www.prnewswire.com/news-releases/first-patient-dosed-in-clinical-trial-of-halozyme-investigational-drug-pegph20-in-combination-with-merck-immuno-oncology-drug-keytruda-300173008.html

[biotechinvestor1]

Another strong finish with high volume. No option expiry to explain this one.

[Fred Kadiddlehopper]

It's Dr. Torley.

[biotechinvestor1]

Enjoy the gift from Mr. Market. Buying dips equally enjoyable as hitting 52 week and all time new highs.

[biotecholdguy]

Congratulations biotechinvestor 1
Congratulations Ms. Torley!!

[Minninv]

I blinked and missed it. Maybe it will come around again today. Love these numbers!!!!!

[biotechinvestor1]

There it is! New all time high. :)

[maumar]

Well, since they had the whole week to release the news, it does suggest that they tried to keep it under the radar. Also, I find the wording a bit odd -- very terse and a bit ambiguous. "His decision to retire from the company" suggests that he is going to stop working but not necessarily. Did he leave to pursue other opportunities or not?

Still, it's probably not something to be very concerned about.

[Howeeme]

Not strange at all. No one will know what happened here whether voluntary or involuntary but he clearly had success in the position. Be interesting to see his replacement.

[Minninv]

Is it strange for HALO to put out an 8-k on Friday, March 21 at 4:03 pm, after the market closed for the week, regarding the March 17 retirement of Michael LaBarre?


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On March 17, 2025, Michael J. LaBarre, Senior Vice President, Chief Technical Officer of Halozyme Therapeutics, Inc. (the “Company”) notified the Company of his decision to retire from the Company, effective March 17, 2025. The Company thanks Mr. LaBarre for his many years of service and contributions to the Company’s ENHANZE® drug delivery technology.

[Minninv]

Michael LaBarre Biography and Net Worth
Chief Technical Officer of Halozyme Therapeutics
Dr. LaBarre brings to Halozyme more than 25 years of experience across all aspects of biopharmaceutical research and drug development, including strong expertise in chemistry, manufacturing, and controls (CMC), regulatory strategy and product development. Dr. LaBarre joined Halozyme in 2008 and has held leadership positions in product development, alliance management, research, and regulatory affairs during that time. He is currently responsible for providing scientific and technical leadership across all Halozyme programs and is the lead expert on Halozyme’s ENHANZE® drug delivery technology.

Prior to Halozyme, Dr. LaBarre served as Vice President of Product Development at Paramount BioSciences, LLC, where he led CMC and research efforts for the product development programs within Paramount’s portfolio companies. Prior to joining Paramount, Dr. LaBarre served from 1995 to 2006 in various research and development positions at Biogen Idec (formerly IDEC before the merger with Biogen in 2004), where he supported numerous IND and BLA submissions, including those for the commercial products RITUXAN® and ZEVALIN®. Prior to IDEC, Dr. LaBarre spent two years at Vical, Inc. and he began his career at Hybritech in San Diego in 1992. Dr. LaBarre also taught chemistry laboratory for several years as an adjunct professor at Mesa Community College early in his career.

Dr. LaBarre received his B.S. in Chemistry from Southampton College of Long Island University and his Ph.D. in Chemistry from the University of Arizona.

What is Michael J. LaBarre's net worth?

The estimated net worth of Michael J. LaBarre is at least $11.11 million as of February 27th, 2025. Dr. LaBarre owns 173,756 shares of Halozyme Therapeutics stock worth more than $11,114,303 as of March 21st. This net worth approximation does not reflect any other investments that Dr. LaBarre may own. Additionally, Dr. LaBarre receives a salary of $843,890.00 as Chief Technical Officer at Halozyme Therapeutics.Learn More about Michael J. LaBarre's net worth.


How old is Michael J. LaBarre?

Dr. LaBarre is currently 60 years old. There are 2 older executives and no younger executives at Halozyme Therapeutics. The oldest executive at Halozyme Therapeutics is Dr. Helen I. Torley M.B. Ch. B., M.R.C.P., President, CEO & Director, who is 61 years old. Learn More on Michael J. LaBarre's age.

[Howeeme]

Well at least these program stock sales will be gone. I’ll bet the day end volume has something to do with options expiration.

[Hero Car]

https://www.investing.com/news/sec-filings/halozyme-announces-cto-retirement-effective-immediately-93CH-3942640

[maumar]

In the past five days, Halo has traded up whereas Alteogen, Mrk and Azn have all traded down. It may be a coincidence but maybe someone knows something.

[biotechinvestor1]

It's nice to see fundamentals and value win over nonsense and noise.
It's fun to look at some of the old posts and predictions. Late November and early December, our IH board permabears were at it again with their doom and gloom posts; one of them predicting that halo will be dropping to $30's.
Some of us pointed to the PE and PEG ratios as the north star and opined that halo will be trading back in the $60's EVEN WITHOUT A SINGLE NEW DEAL.
Here we are, no new deal announced yet and we are in mid $60's. The earnings are growing so fast that we are still trading at PEG of 0.5 and forward 2025 PE of 13.5 which are incredible bargains. Imagine how much higher we can go when a HVAI deal is announced.
In my opinion, Halo's strong performance also points to a sense of confidence by institutional investors that halo will prevail against Merck (either a licensing agreement is signed or Merck loses in court)

[MysticalGladiator72]

That was one strong last 5 minutes.
Huge volume to the upside going into the weekend.
Have a great weekend everyone.

[biotechinvestor1]

That was a beautiful close with volume and conviction. :)

[biotechinvestor1]

New all time highs! Will it be today? Will it be next week? Will Mr. Market give us a dip to load up more?
All 3 possibilities sound great to me.

[bleedpurple]

Nice!

[biotechinvestor1]

https://www.reviewbrokers.net/forecasts/

[biotechinvestor1]

Still an amazing bargain with the following valuation metrics: https://www.nasdaq.com/market-activity/stocks/halo/price-earnings-peg-ratios ;
Price/Earnings Ratio

[maumar]

And some positive news in regards to Vyvart. Competitive threats matter. From JPM:

Argenx
Immunovant MG/CIDP Bato FcRn data doesn’t look like a significant competitive threat, another potential headwind dismissed.

Immunovant today reported Phase III/IIb MG and CIDP data for it’s first gen FcRn, Bato. Bato Phase III MG efficacy looks below Argenx’s Vyvgart, and bato Phase IIb CIDP data is hard to directly compare to Vyvgart, but bato also doesn’t seem to be better. In addition, there was limited disclosure on safety, but we assume bato will still have cholesterol issues not seen with Vyvgart, hence Immunovant’s focus on next generation FcRn IMVT-1402, theoretically cleaner, which is just starting Phase III, and Immunovant don’t plan to file bato for MG or CIDP. Given bato had been flagged as a potential competitive risk/negative read-through to Argenx Vyvgart in terms of Immunovant’s next gen IMVT-1402 on the back of this bato update, we see the absence of a superior bato profile as a positive for Argenx shares, removing what some had feared could be a significant competitive threat.

[Fred Kadiddlehopper]

In not so good news: Trump Administration Wants to Cut HIV-Prevention Funding
https://www.barrons.com/articles/boeing-stock-outlook-investors-af96015c

Gilead Sciences
GILD

-2.96%
stock declined Wednesday after The Wall Street Journal reported the Department of Health and Human Services was considering federal funding cuts to domestic HIV prevention.

The Centers for Disease Control and Prevention, an arm of the HHS, has a Division of HIV Prevention dating back to the 1980s. In addition to tracking HIV infections across the country, it focuses on community outreach, working with state and local leaders to promote testing and prevention.

Congress enacted a spending bill in 2023 that appropriated nearly $1.4 billion to the CDC for HIV prevention and that of other infectious diseases. The Journal report comes amid a broader push by the Trump administration to slash federal spending.

Gilead stock fell 2.9% to $107.03 on Wednesday. The biotech focuses on virology, oncology, and inflammation, and brands itself the “long-standing leader” in HIV treatment. Gilead is the maker of Biktarvy and Descovy, two antiretroviral drugs used to prevent and treat the virus.

In January, the company settled a lawsuit with the CDC claiming Gilead refused to license the agency’s patents and ignored its contributions to the development of pre-exposure prophylaxis, or PrEP, a medication regimen that can help prevent HIV.

ViiV Healthcare, a multinational company specializing in the research and development of HIV treatments, also could be affected by funding cuts. ViiV is a joint venture of GSK
GSK

-1.57%
, Pfizer
PFE

-0.06%
, and Japanese pharma company Shionogi.

Write to Mackenzie Tatananni at [e-mail]

[biotechinvestor1]

Breakout confirmed

[stockrafter]

Sweet......now the news on the AI Deal between them, that Helen mentioned......IMO......

[Fred Kadiddlehopper]

Acumen Pharmaceuticals Announces Topline Results from Phase 1 Study of Subcutaneous Formulation of Sabirnetug in Healthy Volunteers
https://investors.acumenpharm.com/news-releases/news-release-details/acumen-pharmaceuticals-announces-topline-results-phase-1-study
March 19, 2025 at 8:00 AM EDT
Download PDF
Weekly subcutaneous administration of sabirnetug was well-tolerated in the Phase 1 study
Systemic exposure following subcutaneous administration supports further clinical development
Development of sabirnetug delivered subcutaneously has the potential for decreased treatment burden and increased patient convenience
NEWTON, Mass., March 19, 2025 (GLOBE NEWSWIRE) -- Acumen Pharmaceuticals, Inc. (NASDAQ: ABOS), a clinical-stage biopharmaceutical company developing a novel therapeutic that targets soluble amyloid beta oligomers (AßOs) for the treatment of Alzheimer’s disease (AD), today announced topline results from its Phase 1 study comparing pharmacokinetics (PK) between subcutaneous (SC) and intravenous (IV) formulations of sabirnetug in healthy volunteers. Weekly SC administration of sabirnetug was well-tolerated with systemic exposure supporting further clinical development.

“We are pleased that the results of our initial clinical study support further clinical development of sabirnetug administered subcutaneously, underscoring the potential for increasing patient convenience of this formulation relative to intravenous treatment,” said Daniel O’Connell, Chief Executive Officer of Acumen. “The timely completion of this study highlights the strength of our clinical team and partners, and our commitment to advancing our clinical pipeline efficiently and effectively. Based on these data, we believe that further development of subcutaneous sabirnetug as a more convenient administration option for patients is warranted.”

The Phase 1 study in healthy volunteers enrolled 12 subjects who received single IV doses of 2,800 mg and 16 subjects who received four weekly SC doses of 1,200 mg. The most frequently reported adverse events included injection site reactions (62.5%), all of which were mild (Grade 1) in severity and resolved. No other safety signals were identified. Importantly, SC administration of sabirnetug produced sufficient systemic exposure to enable further clinical studies of SC dosing.

Sabirnetug is the first humanized monoclonal antibody to clinically demonstrate selective target engagement of AßOs in patients with AD. The SC formulation of sabirnetug is co-formulated with Halozyme’s proprietary ENHANZE® drug delivery technology (recombinant human hyaluronidase enzyme, rHuPH20) that enables large volume SC injection with increased dispersion and absorption of co-administered therapies. ENHANZE® has been commercially validated as a component of nine approved therapies.

The Phase 2 ALTITUDE-AD study of IV sabirnetug is currently ongoing.

About Sabirnetug (ACU193)

Sabirnetug (ACU193) is a humanized monoclonal antibody (mAb) discovered and developed based on its selectivity for soluble amyloid beta oligomers (AßOs), which are a highly toxic and pathogenic form of Aß, relative to Aß monomers and amyloid plaques. Soluble AßOs have been observed to be potent neurotoxins that bind to neurons, inhibit synaptic function and induce neurodegeneration. By selectively targeting toxic soluble AßOs, sabirnetug aims to address the hypothesis that soluble AßOs are an early and persistent underlying cause of the neurodegenerative process in Alzheimer’s disease (AD). Sabirnetug has been granted Fast Track designation for the treatment of early AD by the U.S. Food and Drug Administration and is currently being evaluated in a Phase 2 study in patients with early AD.

About ALTITUDE-AD (Phase 2)

Initiated in 2024, ALTITUDE-AD is a Phase 2, multi-center, randomized, double-blind, placebo-controlled clinical trial designed to evaluate the efficacy and safety of sabirnetug (ACU193) infusions administered once every four weeks in slowing cognitive and functional decline as compared to placebo in participants with early Alzheimer's disease. The study will enroll approximately 540 individuals with early Alzheimer’s disease (mild cognitive impairment or mild dementia due to AD). The global study is currently ongoing at multiple investigative sites located in the United States, Canada, UK, and the European Union. More information can be found on www.clinicaltrials.gov, NCT identifier NCT06335173.

About Halozyme’s ENHANZE® Technology
Halozyme's commercially validated proprietary ENHANZE® drug delivery technology is based on its patented recombinant human hyaluronidase enzyme (rHuPH20). rHuPH20 has been shown to remove traditional limitations on the volume and delivery rates of biologics that can be delivered subcutaneously (just under the skin). By using rHuPH20, some biologics and compounds that are administered intravenously may instead be delivered rapidly in minutes subcutaneously. ENHANZE® may also benefit subcutaneous biologics by reducing the need for multiple injections.

About Acumen Pharmaceuticals, Inc.

Acumen Pharmaceuticals is a clinical-stage biopharmaceutical company developing a novel therapeutic that targets toxic soluble amyloid beta oligomers (AßOs) for the treatment of Alzheimer’s disease (AD). Acumen’s scientific founders pioneered research on AßOs, which a growing body of evidence indicates are early and persistent triggers of Alzheimer’s disease pathology. Acumen is currently focused on advancing its investigational product candidate, sabirnetug (ACU193), a humanized monoclonal antibody that selectively targets toxic soluble AßOs, in its ongoing Phase 2 clinical trial ALTITUDE-AD (NCT06335173) in early symptomatic Alzheimer’s disease patients, following positive results in its Phase 1 trial INTERCEPT-AD. The company is headquartered in Newton, Mass. For more information, visit www.acumenpharm.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Any statement describing Acumen’s goals, expectations, financial or other projections, intentions or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “potential,” “will” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include statements concerning the therapeutic potential and potential clinical efficacy of Acumen’s product candidate, sabirnetug (ACU193) and its subcutaneous formulation. l. These statements are based upon the current beliefs and expectations of Acumen’s management, and are subject to certain factors, risks and uncertainties, particularly those inherent in the process of discovering, developing and commercializing safe and effective human therapeutics. Such risks may be amplified by the impacts of geopolitical events and macroeconomic conditions, such as rising inflation and interest rates, supply disruptions and uncertainty of credit and financial markets. These and other risks concerning Acumen’s programs are described in additional detail in Acumen’s filings with the Securities and Exchange Commission (“SEC”), including in Acumen’s most recent Annual Report on Form 10-K, and in subsequent filings with the SEC. Copies of these and other documents are available from Acumen. Additional information will be made available in other filings that Acumen makes from time to time with the SEC. These forward-looking statements speak only as of the date hereof, and Acumen expressly disclaims any obligation to update or revise any forward-looking statement, except as otherwise required by law, whether, as a result of new information, future events or otherwise.

Investors:
Alex Braun
[e-mail]

Media:
Jon Yu
ICR Healthcare
[e-mail]

[CelestialSage6]

You can reach an agreement with both Halozyme and Alteogen from the beginning, but should you go through the hassle of signing a contract with Alteogen first and then with Halozyme later?

How many contracts has Halozyme had in the last few years? As far as I know, none.

[Howeeme]

He’s only been there a few years. I’m pretty sure I’ve heard these patents have been around much longer. Could be wrong but I’m sure someone out there knows when they were filed.

[biotechinvestor1]

Similar to why Merck signed up with alteogen instead of Halo, it is likely that the oncology class of meds that astrazeneca wanted to convert to SC where unavailable with Enhanze due to exclusive contracts halozyme has with other partners already.
If so, AstraZenca is smart to first sign up with Alteogen and wait and see how the dust settles between Merck and Halozyme. However all signs so far point to a compelling argument by Halo and a likely settelment/licensing between Merck and Halo. Same will then happen with Halo and AstraZeneca. 
In a sense Alteogen is indirectly helping bring MDASE licensing customers to halozyme.
I know the permabears and the Alteogen investors will say why not sign up directly with halo's MDASE. The reason is simple, they don't just want the product, they also want the support and expertise that come with it. Since they can't get that from Enhanze (due to exclusivies mentioned above), they are going with Alteogen and waiting/hoping to see if Merck can get away with it.